Peel L&P and Long Harbour, real estate asset manager, have completed contracts to deliver the second residential development at the visionary Chatham Waters regeneration project.
Long Harbour is one of Europe’s fastest growing investment managers specialising in build to rent development, having invested over £400m in the sector and with over 1,500 PRS homes in its development pipeline. Long Harbour will finance the project and manage the building on completion.
The scheme to be developed by Peel L&P will deliver a further 193 one, two and three bed apartments for the private rental market and will include retail units at the ground floor level, with a stunning waterfront boulevard and alfresco dining areas, set to give a “Mediterranean feel” to the waterfront location.
James Aumonier, Chief Operating Officer at Long Harbour, said: “Following exchange of contracts with Peel L&P in December 2017, we are delighted that works will now commence on site. Directly on the waterfront, the scheme is a key location within Chatham Waters, and represents Long Harbour’s eighth investment in the build to rent sector, taking our deployment in excess of £400m.
“We anticipate high demand from both existing Medway residents and those looking to relocate to the area to enjoy the exciting lifestyle on offer.”
Residential Development Director at Peel L&P, Neil Baumber said: “Following planning approval in October 2018, Peel L&P have now completed contracts with Long Harbour and entered into a building contract with Russells Construction to create the second residential scheme at Chatham Waters.
“The development will be a stunning waterfront setting for young professionals, families, downsizers and key workers to call home.”
A spectacular waterfront boulevard, the site will encompass an attractive roof top garden with unparalleled views across the Medway Estuary, complete with luxurious dining and BBQ areas where people can live, work and socialise.
Richard Hicks, Medway Council’s Deputy Chief Executive and Director of Regeneration, Culture, Environment and Transformation, said: “Chatham Waters is in a fantastic location with waterfront views, overlooking the River Medway and close to excellent transport links. The site, which is already home to a University Technical College and superstore, is a great addition to our monumental regeneration programme. Chatham Waters will provide an outstanding range of residential accommodation, commercial and retail units, as well as leisure facilities.
“Medway is witnessing a period of transformational regeneration, which is already providing new opportunities for our residents. Our economy is continuing to grow and more people are choosing to live, work, learn and visit Medway.”
The new development will be the second residential project at Chatham Waters, and follows X1 Developments’ 14 storey block of 199 one, two and three-bedroom luxury apartments, which is currently under construction. In the past 12 months, Peel L&P has invested more than £5 million in the scheme on infrastructure works including remediation, flood defences, road improvements and servicing the remaining undeveloped land.